Which of the Following Is Not a Fair Value Hedge

Multiple Choice

Which of the following is not a fair value hedge?

A) An interest rate swap to synthetically convert fixed-rate debt (for which interest rate changes could change the fair value of the debt) into floating-rate debt.
B) A futures contract to hedge changes in the fair value (due to price changes) of aluminum, sugar, or some other type of inventory.
C) An interest rate swap to synthetically convert floating-rate debt (for which interest rate changes could change the cash interest payments) into fixed-rate debt.
D) All of these are fair value hedges.